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some people are still able to use their old gtx 500-600 series cards, so if you haven't already you might want to try some older nvidia drivers to see if one will let it work. for new cards, the gtx 1050 ti 4gb around $150 should be a good match to your 4 core cpu. if you are using lots and lots of gpu accelerated fx, lumetri, and/or gpu plugins and/or want to invest in a faster card that might carry into a new computer, the gtx 1060 6gb around $260 will be a nice step up for the money. the cpu is still the primary performance factor with premiere, so faster gpu's will have a limited performance impact, it depends on how many gpu accelerated functions are used.
Thank you very much for the advice. Just what I needed.
When I first got my card, back several years ago, it was not listed on the supported cards .BAK file, and I had to add it. I understand that file no longer applies, so will a card not on their supported list--like the 1060--require any additional steps to get it to function?
Related to your comment about about the driver: I noticed that I did not get that message until about Mercury acceleration not working until today, after I updated my graphics driver. Interesting.
i think it was shortly after they went to the subscription model, that they did away with the text file listing supported graphics cards. now it checks what cards are available and will attempt to use them, no modifying files needed. normally any decent card with more than 1gb of vram will work. the gtx 900 and 1000 series aren't listed on adobe's website as officially supported cards, but many folks are using them here just fine.
for your driver, you might be able to go into device manager and for the video card try the roll-back the driver option. if you kept the download or c:\nvidia folder on your computer, you might be able to reinstall the old driver from there too. nvidia's webpage does have an option for "beta and older drivers", but they don't appear to go very far back in time.
I found a cool fix on another forum. I downloaded and ran gpu-z (GPU-Z Video card GPU Information Utility)
ran it and then opened Premiere Pro. Voila, GPU acceleration enabled.